Amsterdam,
03
June
2015
|
00:00
Europe/Amsterdam

Vesteda brings forward refinancing and closes new €600 mln credit facility

Summary

Vesteda today closed a new €600 million senior unsecured revolving credit facility with an initial term of five years. The facility will be used to finance acquisitions as well as for the early refinancing of credit lines with original term running to 2016 and 2018, given the current favorable market conditions.

With this new facility, Vesteda has further optimised and improved the flexibility of its capital structure by expanding its group of banks, extending the average term of its debt capital and once again reducing its future interest charges.

In addition to this refinancing, Vesteda also recently terminated its CMBS programme through the early redemption of the final €300 million in CMBS notes. This means that Vesteda has completed the transition to a corporate unsecured financing structure ahead of schedule.

“We are very pleased to have further implemented our financing objectives for a stronger and more flexible capital structure with this transaction. The expansion of the banking group, the oversubscription and the smooth refinancing process underline Vesteda’s strategic direction, solid credit profile and its financial strength,” says Vesteda CFO Hélène Pragt.

The credit facility is provided by ABN AMRO, BNP Paribas, Deutsche Bank, ING Bank and Rabobank. Rabobank is also acting as coordinator and facility agent. Kempen & Co acted as financial advisor in this transaction.

About Vesteda

About Vesteda

Vesteda is a residential investor and landlord that focuses on sustainable and affordable homes in the mid rental segment. Vesteda invests funds for institutional investors, such as pension funds and insurance companies. The portfolio consists of nearly 28,000 residential units with a total value of 9 billion euro. The homes are mainly located in economically strong regions and core urban areas in the Netherlands.